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View Diary: More than 40% of Americans are one crisis and less than 90 days from poverty (116 comments)

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  •  The uber-wealthy are thousands of years (15+ / 0-)

    from poverty.
       It seems that the more those folks hoard all the cash, the more that regular, everyday people lose their security.

    "We the People of the United States...." -U.S. Constitution

    by elwior on Wed Jan 30, 2013 at 01:34:15 PM PST

    [ Parent ]

    •  Yes and no. (1+ / 0-)
      Recommended by:
      elwior

      If the market is as screwed up as it was before the crash (and most reporting suggests that the fundamental problems are still there), then they are at risk, too.

      I don't know if anyone made the connection that when the CEOs for delayed Social Security came out, around the same time it was reported that Goldman Sachs was cycling out their older partners - and that group are mostly in their 50s.  They've got a lot of years between now and 65 or 70 to lose it all.

      The worst part is that especially in retirement years, you could easily go into that part of your life with plenty of money and assets secured, but find yourself dealing with an early onset chronic disease or affliction that would drain you much, much faster than you could have ever imagined.  

      •  Many of them will retain their channels (1+ / 0-)
        Recommended by:
        elwior

        to insider information -- which for most of them is good enough to keep them one step ahead of the suckers.

        The Class, Terror and Climate Wars are indivisible and the short-term outcome will affect the planet for centuries. -WiA "When you triangulate everything, you can't even roll downhill..." - PhilJD

        by Words In Action on Wed Jan 30, 2013 at 04:03:11 PM PST

        [ Parent ]

    •  Hoard cats, they say you are crazy (4+ / 0-)

      Hoard money, you're the Republican presidential nominee.

      Conservatives believe evil comes from violating rules. Liberals believe evil comes from violating each other.

      by tcorse on Sat Feb 02, 2013 at 08:53:39 PM PST

      [ Parent ]

    •  Part of the cash hoarding (0+ / 0-)

      Is that the Fed has been messing with interest rates for so long that the truly savvy private investors are quite (justifiably) wary of the US stock market.  They sit on their cash and wait for sanity or the next crash, whichever comes first.  (Probably a crash, since nothing really changed after 2008, for all the conservative caterwauling about the free market being in peril).

      Many retirees who used to be able to count on 6-8% returns on very low risk investments are struggling to get 1%, which they cannot live on.  I don't know who the endless QE and buying of buying mortgage-backed securities stuff is helping but it isn't the average Joe.

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